In a sweeping new fiscal package, lawmakers have unveiled a major overhaul of tax policy, federal spending, and entitlement programs. Here’s a breakdown of what’s in the plan.

U.S. national debt has now reached a record $36.2 trillion, sparking major concern as President Trumps Big Beautiful Bill could add another $3 trillion over the next decade. This new legislation is bringing urgent attention to how the federal government borrows and spends money.

As Republicans have pushed forward on a bill expected to drive the debt higher, Trump has stepped up his campaign against Federal Reserve Chairman Jerome Powell, repeatedly urging him to slash U.S. interest rates to 1%, a move that would dull the bill's deficit effects.